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作者：Bodnaruk, Andriy; Manconi, Alberto; Massa, Massimo
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Tilburg University; Tilburg University; INSEAD Business School
摘要：We study U.S. firms' foreign expansion choices, and investigate alliances as risk management devices used to mitigate partner risk. Finns venturing abroad are constrained by the availability of potential partners. One set of partners are foreign companies the firm shares the venture with (direct partners). The second set of partners is the institutions/government of the host country (indirect partners). Firms are more likely to choose alliances (over M&As) when indirect (direct) partner risk i...
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作者：Djajic, Slobodan; Kirdar, Murat G.; Vinogradova, Alexandra
作者单位：Bogazici University
摘要：While higher wages at home reduce the incentive to emigrate by increasing the opportunity cost of working abroad, they also facilitate emigration for liquidity-constrained individuals. Our theoretical model examines the interaction between these two effects. We show that (i) the relationship between the home-country wage and emigration pressure is hump-shaped, (ii) the hump is more pronounced the lower the cost of migration, and (iii) the ratio of high to low-skilled emigrants is decreasing in...
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作者：Rangvid, Jesper; Santa-Clara, Pedro; Schmeling, Maik
作者单位：Copenhagen Business School; Universidade Nova de Lisboa; City St Georges, University of London
摘要：We empirically investigate time variation in capital market integration and consumption risk sharing using data for 16 countries from 1875 to 2012. We show that there has been considerable variation over time in the degrees of capital market integration and consumption risk sharing and that higher capital market integration forecasts more consumption risk sharing in the future. This finding is robust to controlling for trade openness and exchange rate volatility as alternative drivers of risk ...
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作者：Forbes, Kristin; Fratischer, Marcel; Kostka, Thomas; Straub, Roland
作者单位：Massachusetts Institute of Technology (MIT); Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Centre for Economic Policy Research - UK; European Central Bank; Bank of England
摘要：We use changes in Brazil's tax on capital inflows from 2006 to 2013 to test for direct portfolio effects and externalities from capital controls on investor portfolios. We find that an increase in Brazil's tax on foreign investment in bonds causes fund managers to significantly decrease their portfolio allocations to Brazil in both bonds and equities. Fund managers simultaneously increase allocations to other countries that have substantial exposure to China and decrease allocations to countri...
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作者：Redding, Stephen J.
作者单位：Princeton University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：We develop a quantitative spatial model that incorporates a rich geography of trade costs and labor mobility with heterogeneous worker preferences across locations. We provide comparative statics for the unique equilibrium with respect to the primitives of the model. We show how the model can be used to undertake counterfactuals using only data in an initial equilibrium. In these counterfactuals, the welfare gains from trade depend on changes in both domestic trade shares and reallocations of ...
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作者：Chung, Wanyu
作者单位：University of Nottingham
摘要：A significant proportion of international trade is in intermediate goods. This paper considers theoretically and empirically how exporters' dependence on imported inputs affects their choice of invoicing currency. The model predicts that exporters that depend more on foreign currency-denominated inputs are less likely to price in their home currency. I test this and other theoretical results using a novel dataset that covers UK trade transactions with non-EU countries. I find considerable supp...
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作者：Ranjan, Priya
作者单位：University of California System; University of California Irvine
摘要：This paper studies the implications of globalization for aggregate output and welfare when risk averse workers face the risk of unemployment. The impact of globalization on the welfare of workers and aggregate output depends on the degree of substitutability between domestic workers and imported inputs. When the degree of substitutability is high (low), then globalization reduces (increases) wages and increases (reduces) unemployment. Irrespective of the substitutability, free trade doesn't ma...
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作者：Heid, Benedikt; Larch, Mario
作者单位：University of Bayreuth; Leibniz Association; Ifo Institut; University of Bayreuth; Leibniz Association; Ifo Institut
摘要：Quantifying the welfare effects of trade liberalization is a core issue in international trade. Existing frameworks assume perfect labor markets and therefore ignore the effects of aggregate employment changes for welfare. We develop a quantitative trade framework which explicitly models labor market frictions. To illustrate, we assess the effects of trade and labor market reforms for 28 OECD countries. Welfare effects of trade agreements are typically magnified when accounting for employment ...
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作者：Cai, Jie; Stoyanov, Andrey
作者单位：Shanghai University of Finance & Economics; York University - Canada
摘要：In this paper we show that demographic differences between countries are a source of comparative advantage in international trade. Since many skills are age-dependent, population aging decreases the relative supply and increases the relative price of skills which depreciate with age. Thus, industries relying on skills in which younger workers are relatively more efficient will be more productive in countries with a younger labor force and less productive in countries with an older population. ...
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作者：Hsieh, Chang-Tai; Ossa, Ralph
作者单位：University of Chicago; National Bureau of Economic Research
摘要：How does a country's productivity growth affect worldwide real incomes through international trade? In this paper, we take this classic question to the data by measuring the spillover effects of China's productivity growth. Using a quantitative trade model, we first estimate China's productivity growth between 1995 and 2007 and then isolate what would have happened to real incomes around the world if only China's productivity had changed. We find that the spillover effects are small for all co...
